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In: Economics

Do you agree or disagree with each of the following statements? Briefly explain you answer and...

  1. Do you agree or disagree with each of the following statements? Briefly explain you answer and illustrate each supply and demand curve.
    1. The price of a good rises, causing the demand for another good to fall. Therefore, the two goods are substitutes.
    2. A shift in supply causes the price of a good to fall. The shift must have been an increase in supply.
    3. During 2009, income fell sharply for many Americans. This change would likely lead to a decrease in the prices of both normal and inferior goods.
    4. Two normal goods cannot be substitutes for each other.
    5. If demand increases and supply increases at the same time, price will clearly rise.
    6. The price of good A falls. This causes an increase in the piece of good B. Therefore, goods A and B are complements.

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Expert Solution

Rahul Sunny answered 1 year ago
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